If you are familiar with NFTs, you will probably already know that one of the most prominent spheres non-fungible tokens have entered is art. It is precisely because of this that the idea of merging the possibilities of NFTs and the needs of museums might not come as a surprise to those who have already been tapping into or keeping an eye out on the NFT story.
Museums took massive financial hits over the course of the last several years, while NFTs started their rise as the best new thing to invest in. A stark example of non-fungible tokens that proved a point that these two are a match made in heaven was, beyond any doubt, the historic Beeple sale.
Keeping track of industry developments
It cannot be denied that NFT is a world of its own, one which is moving at a spectacular speed every day. While you might already be familiar with this particular sale, staying on top of all of the NFT news in a rather saturated online jungle might prove to be a challenge.
This is why more and more users are looking for reliable info sources like cryptonews to help them stay on top and give a hand in gauging their next moves.
NFT sale that shook the art world
In March 2021, a $69.3 million worth NFT art sale by the digital artist Mike Winkelmann, otherwise known as Beeple, sent shockwaves in the art world. The piece named “Everydays - The first 5000 Days” set the record for a digital artwork piece, sold on an online auction.
The element that hit headlines was the fact that this particular piece was digital-only, beating a vast amount of paintings as we know them - the real world, physical ones. Despite it being a new form of art or painting, and having started at a mere $100 price, 33 bidders that were involved in the process managed to make Beeple the third-highest auctioned living artist. A day for art history books, right?
Keep in mind that this is just one example in a sea of examples of NFT meets Art and the two branches have yet to offer us even more exciting news and developments.
Adaptation of the culture of business
The sharp spike in online events in recent years has had us all reconsider the way we do business. Culture is no exception to these accelerated changes. As halls of culture, museums have to get on track with new developments.
Unlike the traditional way in which important, famous and expensive art was kept under a lock or a momentous institution, electronic versions are breaking the pattern.
Revenue disasters that museums are faced with
Museums all around the globe have been dealt enormous blows in terms of revenue. Even as they are expected to make full recovery, the unexpected crash of income is an occurrence that might just have us reconsider if we view museums as only offline.
Digital arts in the form of NFTs are becoming more and more interesting, especially due to being widely accessible and available for any individual to purchase. In the age when ownership might not be the easiest to prove, NFTs come to the rescue with clear and transparent ownership rights.
Draconic financial setbacks that museums came to see prompted the Naissance of aspiring to a new model of self-sustainability and self-reliance with a little help of non-fungible tokens. This opens a whole new array of opportunities for museum recovery and further growth which makes art the greatest beneficiary.
Fusion of offline and online art
As presupposed, these institution budgets are largely made up of ticket sales and tax money. However, this does not have to be the primary way of financing. On the contrary, museums can consider and carry out the tokenizing of their paintings and artifacts, safely stashed away on the blockchain.
Reviving centuries-old art for the whole world to experience and see in the form of NFTs is not only a cultural benefit for the global population, but also a creative and mutually beneficial cross-over of these two branches.
Others have taken this idea somewhat further, suggesting to advance this idea by merging NFTs and museums with virtual/augmented reality for a fuller experience.
Benefits of NFT and Museums partnership
Not only would museums generally profit off of sales or sponsorships, but would still keep earning a necessary chunk with every subsequent change in the owner/sponsor list. Obviously, intellectual property rights must be well set up to protect the art.
On another plus side, this would mean more funds for the preservation of important and old art pieces as well as more security, given that their display is digital (albeit, not exclusively). This is why good preparation is crucial.
While an exciting perspective, it must be said that legal and copyright issues must be handled beforehand, or before turning museum possessions into NFTs. But, at the same time, the increasingly fast digitalization of our world can’t be disregarded.
Why the world needs this large-scale crossover
Art has frequently followed the flow of life and human civilization. In times of great technological advances, it is only expected that the same would reoccur.
The digitally induced lives nowadays require the institutions to keep up with the times, making us, the users, careful observers of the already successful and uprising endeavors of art NFT projects.
While rushing in is no option for the longstanding way of operating of many museums, there is no dismissing of NFTs as a strong partner and technology in promoting art, instigating interest, and protecting the financial stability of institutions overall indispensable to the humankind.